Posted on 08/04/2023 3:06:05 PM PDT by Enlightened1
The Biden administration has canceled an offer to buy 6 million barrels of oil to replenish America's Strategic Petroleum Reserve (SPR), multiple outlets have reported.
Last year, President Biden drew criticism when he sold off 180 million barrels of oil from the SPR, resulting in a near 4-decade reserve low, which he claimed helped to "stabilize crude oil markets and reduce prices at the pump."
This July, the Department of Energy (DOE) announced a buyback plan to replenish the reserve. One of those acquisition orders, however, has been canceled amid rising oil costs, according to Reuters.
The administration previously set its target price was $67 to $72 per barrel, which is well below current market value. WTI and Brent Crude currently trade for more than $82 and $86 per barrel, respectively.
Nonetheless, a DOE official says the agency "remains committed to its replenishment strategy for the SPR."
...while ending domestic oil production...
Buy high, sell low.
Like we all said on FR, it was done to buy votes and that Biden actually wants high prices.
The guy is so easy to figure out....how come the GOP can’t seem to out think this mental midget.
He better refill it soon or else he will have nothing to dump on the market to lower gas prices right before the election.
Keep poking the bear you fools...
The green mafia MUST have gas and diesel prices near or above $4 / gallon because if it is lower, the EV car craze does not make economic sense.
Gas was $3.999, call it $4, today. That’s up $0.10 since Monday. OPEC+ just announced that they will continue production cuts. I view that as basically a huge failure in foreign policy by the Biden Administration. The world has no respect for Biden or America. Stack on weaponized government fighting against American petroleum production and prices will go higher. We really need more inflation before refilling the SPR. It only makes sense in their plan to destroy us.
how come the GOP can’t seem to out think this mental midget.
Because they are in on it and we are the joke
“...while ending domestic oil production...”
If the policy is to end domestic oil production, that policy is failing. The United States is producing more than 12 million barrels of oil per day.
That Strategic Petroleum Reserve would come in handy if things escalate with Russia.
Biden’s Sale of U.S. Oil Reserves to China
Also Cut in Hunter Biden For a Piece of the Action
Edited.....snip....the Biden Administration’s sale of U.S. oil reserves to Unipec America, a company operated by the Chinese Communist Party, raises concerns that U.S. oil could be used by China to support Russia’s invasion of Ukraine.
To ensure the Biden Administration is properly managing the sale of critical American assets, lawmakers are once again calling on Department of Energy (DOE) Secretary Jennifer Granholm to provide an immediate briefing and all documents and communications related to the SPR sale.
According to DOE, the Biden Administration recently sold almost a million barrels of SPR oil to Unipec America, a subsidiary of Sinopec, a company owned by the Chinese Communist Party.
In addition to concerns with Hunter Biden, the President’s son, receiving money from the Chinese deal, the decision to sell to Unipec is troubling ...........efforts to ensure the American people that the Biden Administration is properly managing the sale of critical assets from the SPR and not supporting Russia by providing oil to China, lawmakers requested a briefing and documents related to this matter.
Committee Republicans previously wrote to Secretary Granholm on May 26, 2022 and July 20, 2022 requesting a briefing on the DOE’s plan to replenish the SPR and raising concerns about the sale of oil to a Chinese energy company that Hunter Biden’s private equity firm has a financial stake in.
DOE’s failure to provide a briefing or any information related to the SPR sale jeopardizes the United States’ ability to respond to national emergencies and meet Americans’ energy demands.
“Research shows Chinese firms recently trading with Russia’s defense sector, including with companies supporting Russia’s ongoing war with Ukraine. This is troubling because the DOE sale of almost $100 million worth of oil went to Unipec, a subsidiary of a Chinese oil company.
In light of China’s close friendship with Russia having ‘no limits,’ there are serious questions about whether SPR oil is benefiting Russia or companies assisting Russia in the invasion of Ukraine. It would be unacceptable for China to support Russia’s invasion of Ukraine with oil from the United States.
Another distinct possibility.......the Biden Crime
Family got some of the SPR oil for their own use.
Trump filled up part of the reserve at $24/bbl.
The green mafia MUST have gas and diesel prices near or above $4 / gallon because if it is lower, the EV car craze does not make economic sense.
Nailed it.
How many here are listed as republicans in their state?
We are changing ours next week.
Nonetheless, a DOE official says the agency “remains committed to its replenishment strategy with peanut oil.
Wouldn’t put anything past the stupidest people in the world.
$4.66/gal for corn-free in FL today.
Energy Secretary Granholm Consulted Top Chinese Energy
Official Before Draining U.S. Strategic Oil Reserve
Washington Free Beacon
Robert Schmad
August 4, 2023
The Biden administration’s top energy official held multiple talks with China National Energy Administration chairman Zhang Jianhua days before the United States moved to release oil from America’s strategic reserve in 2021.
According to internal Energy Department calendars obtained by Fox News, Energy Secretary Jennifer Granholm spoke with Zhang one-on-one multiple times in meetings that had not previously been made known to the public.
Granholm and Zhang met on November 19 and November 21, 2021, just days prior to the administration’s announcement that they would be releasing oil from the strategic reserve on November 23.
The timing of Granholm’s meetings has critics questioning China’s level of influence over the Biden administration’s energy policy.
“Secretary Granholm’s multiple closed-door meetings with a CCP-connected energy official raise serious questions about the level of Chinese influence on the Biden administration’s energy agenda,” Americans for Public Trust executive director Caitlin Sutherland told Fox News.
The Energy Department said in a statement to Fox News that the meetings were part of the Biden administration’s efforts to combat climate change but did not specify what was discussed.
The Biden administration last year oversaw sales of about 250 million barrels from the Strategic Petroleum Reserve, bringing the nation’s backup fuel supply to its lowest level since 1983. Nearly one million barrels went to Unipec, the trading arm of the Chinese state-controlled gas giant Sinopec, the Washington Free Beacon reported.
Republicans have accused the Biden administration of mismanaging the strategic oil reserve and undermining U.S. energy security, according to House Republicans.
The Chinese sales have highlighted first son Hunter Biden’s ties to Sinopec. Biden—whose influence peddling in China and other foreign countries is the subject of multiple congressional investigations—cofounded a private a private equity firm that in 2015 bought $1.7 billion stake in Unipec’s parent company.
In recent months, the Biden administration has boasted about efforts to replenish the strategic oil reserve, “at a good deal for American taxpayers.” Recent U.S. moves to buy oil, however, have been delayed due to persistently high global energy prices.
“Instead of focusing on creating real energy independence for America, Granholm has been too busy parroting Chinese energy propaganda and insisting ‘we can all learn from what China is doing,’” Sutherland said. “The public deserves to know the extent to which Chinese officials are attempting to infiltrate U.S. energy policy and security.”
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